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by 2/6/2001 11:15 AM
Stocks quoted in this article:
The melancholy monkey from E*Trade Group's (EGRP - 13-5/32) Superbowl commercial will have another tear to shed today. Online retailer eToys (ETYS 5/32) today announced plans to lay off all of its remaining staff, 293 employees. Officials at the firm said it is unlikely to receive additional capital backing and at this rate will be able to operate until the end of March. The proposed timetable is to cease operations when it runs out of cash on March 31, dismiss the staff on April 6, and be delisted by the Nasdaq Composite on May 2.

Not surprisingly, the firm's stock has taken a turn for the worse, losing nearly 40 percent today. The shares are currently trading at about 15 cents per share. In the height of its glory (the fall of 1999), ETYS shares were trading around the 85 region.
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by 2/6/2001 9:37 AM
Stocks quoted in this article:
Specialty retailer Pacific Sunwear (PSUN- 31-13/16) may get its day in the sun yet. The company was upgraded this morning from a "hold" rating to a "buy" rating. The analyst cited strong fundamentals and an attractive entry point as the reasons for the upgrade.

PSUN found support yesterday in the round-number 30 level as it slipped below its 20-day moving average. The stock has managed to rally on the positive news this morning and broken back above the 20-day moving average. Only the 10-day moving average lies ahead, a trendline that had beaten down the shares for the past two trading sessions.

According to Schaeffer's put/call open interest ratio, options players are still extremely bearish with the number of open put contracts outnumbering open call contracts. The stock has little other resistance ahead as open interest remains light at the 30 level and beyond. <
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by 2/6/2001 9:30 AM
Stocks quoted in this article:
Read-Rite (RDRT - 8-17/32), a maker of disk drive components, was off to a quick start in 2001, as it more than doubled in January. Over the past three sessions the shares have pulled back to test their rising 20-day moving average. Yesterday, the March 10 call was active. Over 5,000 contracts changed hands on the option with over 3,200 contracts of the volume translating into new open interest.<
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by 2/6/2001 9:28 AM
Stocks quoted in this article:
China Mobile (CHL - 31.19) has a chart pattern reminiscent of many telecomm names, finishing 2000 over 47 percent off its March high. However, in 2001 the stock has been attempting to turn the corner, putting in a modest rally along its 10-day and 20-day moving averages. Currently, the stock is savagely fighting to hold its 20-month moving average. In yesterday's trading, the front-month February 30 call was active. Over 2,600 contracts crossed the tape with virtually all of the volume translating into new open interest.
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by 2/6/2001 9:01 AM
Stocks quoted in this article:
After 18 months, Dow Chemical (DOW 33.39) has finally gotten FTC approval for its merger with Union Carbide (UK 52.77). There are conditions, such as the divestiture of a plastics technology and some other assets. This merger will produce the number-two chemical/plastic producer, second only to DuPont (DD 43.74).<
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